An overview of the financial profile fact finder Functions addressed in this document: A step-by-step walk through of the financial profile fact finder. How data entry is presented to the client within the financial profile fact finder. How clients can add and manage their aggregated held-away accounts for use in the financial profile fact finder. How a client can review and submit their data to your NaviPlan system. The NaviPlan client portal can save you time and effort, reduce the risk of paper fact finders being lost, and minimize potential missed data by utilizing the financial profile fact finder for client data collection. The financial profile fact finder is an option available to any client who has the client portal (if you have set up a client click here to learn more). As the financial profile fact finder is digital, clients may have questions as they fill it out. This document will provide you with a clear understanding of every section of the financial profile fact finder, and how its information will be sent over to your own NaviPlan for review. Welcome page and navigation When a client first opens their client portal they will be greeted by "welcome", the basic launch point of your client. If a financial profile fact finder has been sent to the user, a message will be waiting for them to begin their financial profile. Client portal - "Welcome" page Page 1
Navigation for the user is controlled through the top navigation bar, with each button guiding the user to one of the main sections of the client portal. To access their financial profile, clients will click "open financial profile", located in the center of the page or on the navigation bar. DID YOU KNOW If your client is unsure what do on a page, they can click the "help" button located in the top right of their screen for more help and information. Synchronizing aggregated accounts Located on the home page and the "assets & liabilities" pages, the 'Sync new accounts" button allows clients to add aggregated accounts to their financial profile, and use the "manage accounts" button to manage existing aggregated accounts. "Sync new accounts" allows clients to instantly search for their third party institution and connect their financial accounts in NaviPlan Clients. "Manage accounts" allows clients to review existing aggregated accounts. NOTE: Account aggregation requires clients to have access to an online financial institution. If they do not have access to an institution, this feature should not be used. Clients adding an aggregated account will want to click "Sync new accounts", they will be presented with this pop-up window. Client portal - "Your financial profile" - "Sync new accounts" pop-up Clients can select their financial institution of choice by clicking one of the options, or by typing one in. After locating and clicking their financial institution, they will be brought to the "credentials" page. Page 2
Client portal - "Your financial profile" - "Sync new accounts" pop-up - "Credentials" pop-up Clients will enter the username and password of their financial institution of choice and click "sync accounts". They will then be brought to the "sync" page. Client portal - "Your financial profile" - "Sync new accounts" pop-up - "Sync" pop-up After synchronization is complete (this may take several minutes), clients can either click "sync new accounts" to add another from a different financial institution source or close the pop-up in the top right corner. DID YOU KNOW All accounts added to a client's financial profile will also be available within NaviPlan after clients submit them. These accounts will not require manual data entry to include or to update. Clients can review and manage existing aggregated accounts by clicking "Manage accounts". Page 3
Client portal - "Your financial profile" - "Manage accounts" - "Manage accounts" window The "Manage accounts" allows clients to review exisiting aggregated accounts, edit any account by clicking the account's corresponding icon, or add more accounts by clicking the "Connect" button in the top right corner of the page. Once review is complete, clients close the window in the top right corner. NOTE: The "Connect" button will bring the client back to the "Sync new accounts" pop-up. Your financial profile Clicking "open financial profile" will lead clients to the "your financial profile" home page. Client portal - "Your financial profile" - "Your financial profile" page Clients will be presented with information about the types of documents they may need to complete their financial profile. Page 4
Demographics Once "next" is clicked, clients will be brought to the "demographics" page. Client portal - "Your financial profile" - "Demographics" page Clients will first provide basic information about themselves; including their name, gender, date of birth, tax filing status, city, and state. The client may also check the Already retired? if they are only doing mid-retirement planning. NOTE: Selecting the "I am already retired" will force NaviPlan to start plans in retirement mode. This means pre-retirement cannot be adjusted and several retirement strategies will not be available during planning. Let clients know to clear this box if you want to have access to all potential strategies in NaviPlan for their plan. DID YOU KNOW Clients may also click the button to select a date instead of typing it in. Page 5
If clients have a spouse or significant other, and they are not already present in the portal, they will click "add spouse or significant other". Doing so will generate a new data entry section for their spouse or significant other. Client portal - "Your financial profile" - "Demographics" page - "Spouse or significant other" section Information required for the spouse or significant other is their name, gender, and date of birth. Depending on clients' tax filing status, they may or may not be able to edit the spouse's tax filing status. Clients may also want to check "I am already retired" if their spouse or significant other is retired. If the spouse or significant other was added into the portal by the client, clients can click the button to remove a spouse or significant other from their financial plan. If Clients have any children or family members that they wish to include in their financial profile click "add child" or "add family member" to include them in the plan. Client portal - "Your financial profile" - "Demographics" page - "Child" section Client portal - "Your financial profile" - "Demographics" page - "Family member" section Information required for children or family members is their name, last name (if different), date of birth, relationship and which client they are a dependent on. Clients can remove any children or family members from their financial profile by clicking the button. Page 6
Assets & liabilities Client portal - "Your financial profile" - "Assets & liabilities" page Assets is the first set of financial data for entry. Clicking "add" under "accounts", "home and personal property", or "real estate" will generate a data entry section for that specific asset type. Clients can click the "add" button as many times as needed to properly reflect the number of accounts they have. As with the "demographics" page, clicking the button will remove any assets the client no longer wants to include in their financial profile. Client portal - "Your financial profile" - "Assets & liabilities" page - "Account" section Account entry requires clients to enter a description, select an account type, select the owner of the account, and set a market value. All account types available in NaviPlan are also available within the client portal. Clients might not be familiar with all account types available, and may have questions about which type is the best fit for them. Page 7
NOTE: Accounts will automatically generate if clients have synced their aggregated accounts, while accounts may have their description and account type edited. Market values can be updated by clicking "Update". Aggregated accounts are marked by the icon. Client portal - "Your financial profile" - "Assets & liabilities" page - "Home and personal property" section Home and personal property entry is very similar to the account entry. Clients will need to enter a description, select the type of asset, and enter a market value of the property. All home and personal property types available in NaviPlan are also available within the client portal. Client portal - "Your financial profile" - "Assets & liabilities" page - "Real estate" section Real estate entry is very similar to home and personal property entry. Clients will need to enter a description, select the real estate asset type, and the market value. Liabilities data entry is identical to assets. Clients can click "add liability" as many times as needed to properly reflect the number of liabilities they have, and can click the button to remove any liabilities the client no longer wants to include in their financial profile. Client portal - "Your financial profile" - "Assets & liabilities" page - "Liabilities" section Clients will need to select a liability type and enter a description, a balance, an interest percentage, and a monthly payment amount. Interest entry will automatically reformat to a percentage, so clients do not need to worry about manually format their interest percentages. Page 8
After each asset or liability is entered into the financial profile, "total assets/liabilities:", found on the top of each respective asset section, will automatically calculate the total value of assets and liabilities respectively. This is useful for clients to see how their various accounts, assets, and liabilities impact their net worth. Client portal - "Your financial profile" - "Assets & liabilities" page NOTE: All data fields included in the financial profile must be filled in or deleted. Blank data fields will cause an error message and prevent progress. Page 9
Income & expenses Client portal - "Your financial profile" - "Incomes & expenses" page Income entry is similar to assets and liabilities entry, click "add income" or "add pension" will add a data entry field for an income or pension respectively. Clients can click the "add" button as many times as needed to properly reflect the number of incomes they have. Clicking the button will remove any incomes clients no longer wishes to include in their financial profile. NOTE: All previously added rental incomes or liabilities included on the "assets and liabilities" page will be automatically added to this page. Client portal - "Your financial profile" - "Incomes & expenses" page - "Current incomes" section Page 10
Income entry requires clients to enter a description, select an income type, assign the correct owner to the income, and set an annual amount for the income. All available income types in NaviPlan are also available within the client portal. Clients might not be familiar with all income types available, and may have questions about which type is the best fit for them. Client portal - "Your financial profile" - "Incomes & expenses" page "Future retirement defined benefit pensions" section Defined benefit pensions are entered the same as income, requiring clients to enter a description, select an income type, assign the correct owner to the income and set an annual amount for the income. The key difference between future defined benefit incomes and current incomes is when they begin. NOTE : If a client is currently receiving a pension, it should be added to the current incomes section. Only pensions that begin in retirement should be added to the future retirement defined benefit pension section. Click "add expense" to add an expense data field. Clients can click the expenses the client no longer wants to include in their financial profile. button to remove any Client portal - "Your financial profile" - "Incomes & expenses" page - "Expenses" section Expense entry requires clients to enter a description, select an expense type, and to set an annual amount for the expense. All expense types available in NaviPlan are also available within the client portal, including those for detailed tax scenarios. Clients with expenses that might fit these tax scenarios should be made aware of these options. Client portal - "Your financial profile" - "Incomes & expenses" page - "Other expenses" section If the client entered a liability in their plan on the "assets & liabilities" page, or if the client added insurance expenses on the "insurance" page, additional expenses will appear in the expense section. These fields cannot be directly edited on this page and must be adjusted on the page that the expense was initially entered. These expenses will change automatically based on changes applied to their source. After each asset or liability is entered into the fact finder, the "cash flow" graph, found on the top of Page 11
each respective asset section, will dynamically calculate the total value of their assets and expenses respectively. This is useful for clients to see how their assets and expenses add up. Client portal - "Your financial profile" - "Incomes & expenses" page Page 12
Insurance Clients will only need to fill in the types of insurance that they have. If a client has no insurance policies, this page can be skipped. Client portal - "Your financial profile" - "Insurance" page Click "add policy, under any insurance section will generate a data gathering field for that specific section. Clients can click "add policy" as many times as needed to properly capture all policies for the profile. Clicking the button will remove any insurance policies clients no longer wishes to include in their financial profile. Client portal - "Your financial profile" - "Insurance" page - "Life insurance" section Life insurance requires clients to select the policy type, the insured client, and the beneficiary of the policy, and enter a description, the total benefit payout, the beneficiary of the policy, and monthly premium. All insurance types available in NaviPlan are also available within the client portal. Page 13
Client portal - "Your financial profile" - "Insurance" page - "Long term care insurance" section Long-term care insurance requires clients to select the policy type and insured client, and enter a description, the daily benefit payout, and monthly premium. The financial profile assumes the long-term care insurance policy will pay out for a year. Client portal - "Your financial profile" - "Insurance" page - "Disability insurance" section Disability care insurance requires clients to select the policy type and insured client, and enter a description, the monthly benefit payout, and monthly premium. All insurance types available in NaviPlan are also available within the client portal. The financial profile assumes the disability insurance policy will pay out for a year. Page 14
Goals After data collection, clients will then enter their desired goals. Retirement is the only required goal within the financial profile, if your clients would like to plan for an education or major expense goal they may also fill in those corresponding sections on this page. Client portal - "Your financial profile" - "Goals" page The retirement goal will be automatically created for clients when they reach this page. Clients can adjust their desired retirement age, and their expense goals during their retirement years. Client portal - "Your financial profile" - "Goals" page - "Retirement" section Clients can use the and buttons to adjust their retirement age one year at a time or they can manually enter their desired retirement age. On the right-side of the age field, the year of retirement is presented. Page 15
Clients can set their annual retirement expense as an annual sum or as a percentage of their current income. All fields may be edited to best match their retirement needs. Client portal - "Your financial profile" - "Goals" page - "Retirement" section Client portal - "Your financial profile" - "Goals" page - "Education" section Education goals require clients to enter a description of the goal, to select a student for the goal, the start age of the student, an annual cost (without inflation factored in) and the duration of the goal. Both start age and duration can be selected via the and buttons or by manually entering the value in the field. The "start age" section will list the year that the goal begins in case the client would prefer to calculate their start age this way. The total cost of the goal will be listed to the side of the duration section for easy calculation. Client portal - "Your financial profile" - "Goals" page - "Major expense" section Major expense goals require clients to enter a description, to select a major expense type, an owner of the goal, the target date of the goal, and the total amound needed for the goal. All major purchase types available in NaviPlan are also available within the client portal. DID YOU KNOW Clients may also click the icon to select a date instead of typing it in. Page 16
Review & finish After all data entry is complete, clients will be taken to the "review & finish" page. This page allows clients to review their data results and make sure everything looks correct. If any section has some incorrect information, clients can click the "edit" button for that section to be taken to adjust values for accuracy. Client portal - "Financial profile fact finder" - "Review & finish" page After the review is complete, clients can click "finish and submit to advisor". This will send the fact finder to your NaviPlan system, and will notify you through "alerts" (click here to learn more about alerts). To learn more about accepting client fact finders and how to convert them into plans click here. Page 17